Workday, Inc. (WDAY) Form 8-K — Oct 1, 2026
Workday entered into a new $1.5 billion revolving credit agreement on October 1, 2026, replacing its prior $1.0 billion facility from April 2022. Wells Fargo Bank serves as administrative agent, with Bank of America, Barclays, and Morgan Stanley Senior Funding as syndication agents. The facility matures October 1, 2031, with up to two one-year extension options, and bears interest at SOFR plus 0.875%-1.500% (or tighter ratings-based spreads) with a maximum leverage covenant of 3.50x. Loans can be drawn in USD plus Euros, Sterling, and Canadian Dollars up to a $525 million sublimit.
Key figures
- Debt Amount
- $1,500,000,000 revolving credit facility (undrawn at closing)
- Interest Rate
- SOFR + 0.875%-1.500% (leverage-based) or SOFR + 0.750%-1.250% (ratings-based)
- Maturity Date
- October 1, 2031
- Commitment fee
- 0.080%-0.200% (leverage-based) or 0.070%-0.150% (ratings-based)
- Prior facility size
- $1,000,000,000 (April 6, 2022 Credit Agreement, terminated)
- Default rate increase
- 2.0% per annum
- Max leverage covenant
- 3.50 to 1.00 (step-up to 4.50 to 1.00 after Qualified Acquisition)
- Outstanding loans at closing
- 0
- Alternative currency sublimit
- $525,000,000
AI analysis
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